If the subject of this interests you,just Click here for detailed information.Need professional help? One Hour "Free" Consultation. No Cost or obligation. Contact us today. We help you solve your business and financial problems. We use our knowledge and experience to help you become more profitable. Contact us today. Since the initial consultation is free you have everything to gain and nothing to lose.Need help with your accounting, your taxes, your payroll or QuickBooks?No cost or obligation for our initial consultation.Call us today at (630) 320-3720 or e-mail us atinfo@monarchfinancialllc.com. We would like to help you.

Taxes and government spending are going to be on the agenda in Washington during 2013. Where does that leave health care reform, the legislation passed in 2010 overhauling the health care system in this country?Here's a quick update that covers provisions in the health care legislation that have already gone into effect and those that, absent any changes made in the coming months, will go into effect in 2013 and thereafter.The following provisions have already taken effect:· A 10% tax is assessed on indoor tanning services.· Small businesses with fewer than 25 full-time employees may qualify for a tax credit for the cost of purchasing health insurance for their employees.· Children can remain on their parents' insurance policies up to age 26. Private lending for student loans is replaced with loans directly from the federal government, cutting loan fees.· A 50% discount on brand-name drugs for those with Medicare drug coverage helps to offset costs in the "donut hole."· Over-the-counter medications can no longer be paid for with funds in health savings accounts (HSAs), flexible spending accounts (FSAs), and health reimbursement accounts (HRAs).· The additional tax on nonqualified distributions from health savings accounts (HSAs) increases from 10% to 20%.The provisions that will take effect in 2013 include the following:FSA limitsThe amount that can be contributed to a health flexible spending account (FSA) is limited to $2,500 per year, indexed annually for inflation.Medical expense deductionThe 7.5% income threshold for deducting unreimbursed medical expenses increases to 10% for those under age 65. Those 65 and older may continue to take an itemized deduction for medical expenses exceeding 7.5% of adjusted gross income through the year 2016.

Executive pay limitThe compensation deduction for certain health insurance companies is limited to $500,000 per year for high-level executives.

Medicare tax increaseThe payroll Medicare tax will increase from 1.45% of wages to 2.35% on amounts above $200,000 earned by individuals and above $250,000 earned by married couples filing joint returns. The income threshold levels are not indexed for inflation.A new 3.8% Medicare tax will be imposed on unearned income for single taxpayers with income over $200,000 and married couples with income over $250,000. Examples of unearned income: interest, dividends, royalties, rental income.Medical device tax A 2.3% excise tax is imposed on the sale of certain medical devices.Provisions scheduled to take effect in years after 2013 include the following:Coverage required starting in 2014Individuals who are not covered by Medicare, Medicaid, or other government health insurance are generally required to maintain health insurance coverage or pay a penalty. Penalties are calculated using a percentage of the taxpayer's income or a flat dollar amount. Subsidies and tax credits are available to help lower-income taxpayers pay for coverage.· Health insurance exchanges are established by states to enable people to comparison shop for coverage.· Large employers generally must provide coverage for employees or face penalties.· Tax credits increase from 35% to a maximum 50% of premiums paid by qualifying small businesses that provide coverage for their workers. The credit available to nonprofit employers increases from 25% to 35%.

Health industry fee in 2014An annual fee is assessed on the health insurance industry, starting at $8 billion in 2014 and increasing over the following years.Tax on "Cadillac plans" in 2018· Insurance companies will be assessed a 40% excise tax on health insurance plans with annual premiums exceeding $10,200 for individual coverage and $27,500 for family coverage. An increase in the threshold amount is allowed for retired persons who are age 55 or older (an additional $1,650 for single coverage and $3,450 for family coverage). These increased thresholds also apply for plans that cover those engaged in high-risk occupations.· Certain provisions in the original health reform legislation have already been changed or repealed. For example, the law originally required Form 1099 reporting for payments over $600 made to corporations. That requirement has been repealed, and reporting is again generally required only for payments over $600 made to unincorporated businesses.Congress may amend or repeal provisions in the health care reform law, either before their scheduled effective date or retroactively. Or the law may survive largely intact. Clearly, the massive law will affect every taxpayer. For guidance in your individual and business tax planning under the often-complicated health reform legislation, contact our office.

Taxes and government spending are going to be on the agenda in Washington during 2013. Where does that leave health care reform, the legislation passed in 2010 overhauling the health care system in this country?Here's a quick update that covers provisions in the health care legislation that have already gone into effect and those that, absent any changes made in the coming months, will go into effect in 2013 and thereafter.The following provisions have already taken effect:· A 10% tax is assessed on indoor tanning services.· Small businesses with fewer than 25 full-time employees may qualify for a tax credit for the cost of purchasing health insurance for their employees.· Children can remain on their parents' insurance policies up to age 26. Private lending for student loans is replaced with loans directly from the federal government, cutting loan fees.· A 50% discount on brand-name drugs for those with Medicare drug coverage helps to offset costs in the "donut hole."· Over-the-counter medications can no longer be paid for with funds in health savings accounts (HSAs), flexible spending accounts (FSAs), and health reimbursement accounts (HRAs).· The additional tax on nonqualified distributions from health savings accounts (HSAs) increases from 10% to 20%.The provisions that will take effect in 2013 include the following:FSA limits· The amount that can be contributed to a health flexible spending account (FSA) is limited to $2,500 per year, indexed annually for inflation.Medical expense deduction· The 7.5% income threshold for deducting unreimbursed medical expenses increases to 10% for those under age 65. Those 65 and older may continue to take an itemized deduction for medical expenses exceeding 7.5% of adjusted gross income through the year 2016.Executive pay limit· The compensation deduction for certain health insurance companies is limited to $500,000 per year for high-level executives.Medicare tax increase· The payroll Medicare tax will increase from 1.45% of wages to 2.35% on amounts above $200,000 earned by individuals and above $250,000 earned by married couples filing joint returns. The income threshold levels are not indexed for inflation.· A new 3.8% Medicare tax will be imposed on unearned income for single taxpayers with income over $200,000 and married couples with income over $250,000. Examples of unearned income: interest, dividends, royalties, rental income.Medical device tax· A 2.3% excise tax is imposed on the sale of certain medical devices.Provisions scheduled to take effect in years after 2013 include the following:Coverage required starting in 2014· Individuals who are not covered by Medicare, Medicaid, or other government health insurance are generally required to maintain health insurance coverage or pay a penalty. Penalties are calculated using a percentage of the taxpayer's income or a flat dollar amount. Subsidies and tax credits are available to help lower-income taxpayers pay for coverage.· Health insurance exchanges are established by states to enable people to comparison shop for coverage.· Large employers generally must provide coverage for employees or face penalties.· Tax credits increase from 35% to a maximum 50% of premiums paid by qualifying small businesses that provide coverage for their workers. The credit available to nonprofit employers increases from 25% to 35%.Health industry fee in 2014· An annual fee is assessed on the health insurance industry, starting at $8 billion in 2014 and increasing over the following years.Tax on "Cadillac plans" in 2018· Insurance companies will be assessed a 40% excise tax on health insurance plans with annual premiums exceeding $10,200 for individual coverage and $27,500 for family coverage. An increase in the threshold amount is allowed for retired persons who are age 55 or older (an additional $1,650 for single coverage and $3,450 for family coverage). These increased thresholds also apply for plans that cover those engaged in high-risk occupations.· Certain provisions in the original health reform legislation have already been changed or repealed. For example, the law originally required Form 1099 reporting for payments over $600 made to corporations. That requirement has been repealed, and reporting is again generally required only for payments over $600 made to unincorporated businesses.Congress may amend or repeal provisions in the health care reform law, either before their scheduled effective date or retroactively. Or the law may survive largely intact. Clearly, the massive law will affect every taxpayer. For guidance in your individual and business tax planning under the often-complicated health reform legislation, contact our office.

After you finish your turkey and open up your new tech-related gadgets this holiday season, ask yourself about your business and the direction of its technology. You may not know that the new phones and tablets you just unwrapped can hold most of your office productivity while you are “on the go.” This article offers three ways to keep your office and its employees synchronized across multiple devices for the most productive business communication. Phone Synchronization: Hosted Voice Over IP (VOIP) is the affordable future of small business phone systems. With the push of a button on your smartphone, your phone extension will immediately travel with you wherever you go. If your offices power goes out, you can instantly make each employee’s smartphone their own extension, minimizing any communication downtime. Seamless voice interaction between multiple locations is becoming the standard for small businesses communication. Document Synchronization: Services such as Dropbox and Skydrive are not only great synchronization tools, but they also offer a reliable backup solution. These free services will allow your documents to be viewed and created on any computer or smartphone you install it on. For example, when you change a document on your phone or iPad while on vacation in China, your office in Hinsdale immediately sees it. Having your documents in multiple locations will also keep an up to date backup if one of your devices were to fail.Email Synchronization: Microsoft Exchange is the world’s leading business communication and collaboration platform. MS Exchange allows your emails to synchronize wirelessly between all of your devices, your contacts to synchronize, and your calendar to be shared between office employees. Hosted Exchange is the affordable alternative for businesses with 35 employees or fewer. Before upgrading your expensive Exchange server, talk to an experienced IT consultant about how you can save thousands of dollars in Windows licensing, hardware and technical consulting.As a small business technology consultant, it is our job to keep your business aware of the best, time-tested features that your employees can benefit from. Drawn by the efficiency, simplicity and low cost of data synchronization, small business owners across the country are quickly adopting new ways to keep their office productivity growing. For more information or questions regarding your small business technology, please call Errol Janusz, Owner of Edward Technology at 630.333.9323 X303.

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December OutlookMortgage rates continue to hover at near record lows which have been helping fuel the housing recovery. Last week housing news was dominating the headlines with big jumps in pending home sales and housing starts.This week the bulk of economic data is on the labor market. Wednesday is the start of the employment report with ADP’s National Employment. Friday’s data includes Non-farm payrolls, the unemployment rate, average earnings, and consumer sentiment. The last employment report from October was a gain of 171,000 jobs, but economists are expecting lower numbers for November.Now that December has begun we can expect more uncertainty as the fiscal cliff deadline rapidly approaches. The cliff may impact this week’s employment numbers as employers have been reluctant to hire with the looming tax increases and spending cuts. Super storm Sandy will also be affecting hiring this month.Linus SchwemerSenior Loan OfficerNMLS #1917841st Advantage Mortgage, a Draper and Kramer company630-376-0477 (Phone)630-261-2209 (Fax)630-638-5702 (Cell)linus.schwemer@1amllc.comwww.linusschwemer.com

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We help you solve your business and financial problems. We use our knowledge and experience to help you become more profitable. Contact us today. Since the initial consultation is free you have everything to gain and nothing to lose.